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Expert SMSF Accounting Services- Simplifying Your Super Fund Finances

SMSF accounting services we specialise in accounting, tax return and audit services for self managed super funds. Our expert services are offered at flat fee of $890 incl. GST which covers annual accounts preparation, tax return preparation & lodgement and independent audit.

Read more on:https://www.smsfaccountingservices.com.au/

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Looking for a trusted SMSF accountant?

The role goes beyond traditional accounting. Trustees rely on SMSF accountants for accurate reports and financials to navigate complex regulations. From TBAR to contribution monitoring, they ensure compliance and informed decisions. Trust SMSF Accounting Services for expert guidance.

Read more on:https://www.smsfaccountingservices.com.au/smsf-accountant/

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Superannuation Accounting Services | SMSF Accounting Services

Looking for expert financial management? Our Superannuation Accounting Services ensure your retirement funds are handled with precision and care. Trust our SMSF Accounting Services for tailored solutions that secure your financial future.

Read more on:  https://www.smsfaccountingservices.com.au/superannuation-accounting-services/     

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The Essential Role of an SMSF Accountant

Unlock the potential of your Self-Managed Super Fund with expert guidance from our SMSF Accountants. At SMSF Accounting Services, we specialize in optimizing your financial future through tailored strategies and meticulous attention to detail. Let our experienced team navigate the complexities of SMSF management while you focus on your goals and aspirations.

Contact us today:

📞0359172450

📩info@smsfaccountingservices.com.au

Read more on:https://www.smsfaccountingservices.com.au/smsf-accountant/

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Superannuation Accounting Services | SMSF Accounting Services Melbourne

If you are looking for professional superannuation accounting services at affordable price where all the work is done by qualified and experienced professionals in Australia based office, please feel free to contact SMSF Accounting Services.

Key Features

Compliance Expertise

Investment Tracking and Reporting

Member Contribution Management

Retirement Planning Support

Contact us today:

📞0359172450

📩 info@smsfaccountingservices.com.au

Read more on:https://www.smsfaccountingservices.com.au/superannuation-accounting-services/

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SMSF Accountant Role and their Responsibilities​

Why Choose SMSF Accounting Services?

At SMSF Accounting Services, we pride ourselves on our team of proficient SMSF professionals dedicated to delivering accounting and tax services for self-managed super funds at the highest standard. Our accountants are university-qualified and possess extensive experience in the SMSF field, ensuring compliance with accounting and superannuation regulations. If you're seeking expert assistance in your retirement savings journey, give us a call, and our professional team will be ready to guide you through the accounting and tax return aspects of your superfund.

Read more on:https://www.smsfaccountingservices.com.au/smsf-accountant-role-and-their-responsibilities/

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SMSF Accountant role and their Responsibilities ​- SMSF Accounting Services

SMSF Accountant is more than your normal accountant and not just prepare accounts and print and provide reports at year end. They have the detailed knowledge of the SIS act and superannuation rules as they will be helping you in the compliance side of the SMSF. As self managed super fund is the most important asset of SMSF members for their retirement as most trustees or members relies on these savings for their retirement.

Professional advice and help of expert SMSF Accountant are required in the running and management of the fund. That is where the role of SMSF Accountant comes in play.

Once you have decided to set up an SMSF and arranged the services of an SMSF Accountant they will first sign you for SMSF software and arrange ESA for the fund is required.

Every year from inception to wind up SMSF Accountant will take responsibility of preparing annual accounts and tax return and lodge with the tax department as they become due. They will also help you in the day-to-day queries for the accounting and tax task

Superfund accounts and tax return will be prepared according to relevant rules and Australian accounting standards. Accounts and tax return will be audited by an ASIC approved SMSF auditor before the lodgement of the tax return. With the recent changes in the Superannuation regulations SMSF Accountants role become more crucial as they will also help you in the lodgement of the TBAR (transfer balance cap report) and provide you with the timely reports to monitor total superannuation balance as this will be required for a lot of decisions like contribution and pension.

SMSF Accounting and reporting responsibility for trustees includes: — Signing all the paperwork for SMSF set up including Ato trustee declaration form if becoming trustee or director of trustee company after 1 July 2007 — Maintaining record of the financial and tax paperwork for a set period — Preparation on the accounts and tax return — Organising the independent SMSF audit through ASIC registered SMSF auditor — Lodgement of the return after finalising of the audit

Why choose us

We at SMSF Accounting services are a team of SMSF professionals proficient in providing accounting and tax services for self managed super fund at highest standard according to the accounting and superannuation rules and regulations. All our Accountants are university-qualified and experienced in the SMSF field to deliver services at expected level. If you would like to know more about our services, please give us a call and our professional team will always ready to help you in your retirement savings journey from accounting and tax return side of the superfund.

For more info, visit:https://www.smsfaccountingservices.com.au/smsf-accountant-role-and-their-responsibilities/

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SMSF Accountant Role and their Responsibilities

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Expert SMSF Accounting Services for Financial Success

What is an SMSF? SMSF also known as self managed super or DIY super is a retirement saving vehicle where Australians save for their retirement and operate, manage, and control their fund themselves. SMSF is for retirement and strict superannuation rules and regulations needs to be followed in the running of the fund.

Read more on: https://www.smsfaccountingservices.com.au/smsf-accounting-faq/

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Superfund Accountant — your path to annual reporting requirements

Are you in a search of trusted Superfund Accountant? Having an SMSF requires accounts and income tax return prepared & lodged with the Australian taxation office every year. If we act as Superfund

accountant for your self managed super fund we will prepare and lodge tax return with Ato after the completion of the independent Self managed super fund audit by an ASIC approved SMSF auditor.

Parts of the financial statements are statement of financial position, investment reports, member statements, minutes. Once you provide all the documents required to prepare the accounts and tax

return our team of SMSF professionals will efficiently start work to finalise these. For the accounts and tax return preparation & lodgement SMSF specialist software BGL simple fund 360 will be used

for quality and professional outcome. Annual checklist will be provided to you for documents.

Yearly activities of the Superfund will be reported to the tax department with the lodgement of the return which includes investment details, members contribution and payment details, income and

expenses reporting and payment of the tax.

How is the income and members balance calculated?

Daily weighted average balance method is used for balance calculations and software prepare accounts and member statements based in this method. Depending on each transaction date and members balance and which member has more balance allocation will be done accordingly as an example member with more balance gets more part of the income also based on the transaction date.

How are the accounts prepared of fund in part pension and part accumulation?

If the self managed super fund has members with accumulation phase and in pension phase after finalising the accounts actuarial certificate will be requested from the actuary and according to the provided exempt percentage income and deduction calculations will be done and tax paid or refund done accordingly.

Once you become the client of the SMSF accounting services and we act as accountant for your Superfund, the accounting, tax, and audit services for your self managed super fund are all taken care of. For more information, please get in contact with our professional team member.

Read more on:

https://www.smsfaccountingservices.com.au/annual-reporting-requirements/

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SMSF Taxation and which funds needs to lodge tax return-SMSF Tax Return

Superannuation is a tax concessional savings plans where employers, employees, members, self employed make contributions to save for the members retirement and concessional rates are provided to encourage to save for retired life. To say these as concessional means when contributions are made to SMSF or earnings from investments they are taxed at concessional rate and when at some stage after satisfying the condition of release of benefits pensions or lump sum payments are taxed at low rate or tax free.

Concessional contributions to fund

During the working life people save for their retirement to cover the cost of living when they are retired and in Australia Superannuation is the system or plan when Australians save for their retirement. That is why superannuation in Australia is called the most important asset for retirement. How much you will retired with depends on how much you have saved during your working life.

During the employees working life employer makes superannuation contributions to the members super account which is calculated at set rate by law. This is called superannuation guarantee contributions. Other people which are self employed or who have cap available might make member concessional contributions to the fund. Concessional contributions are taxed at 15% once received by the fund.

Non-concessional contributions to fund

Non-concessional contributions are out of pocket money which will not be taxed once received by Superfund.

Both types of contributions need to follow contribution cap rules every year.

Income from investments

If investments made by the self-managed super fund generates income it will be taxed at 15%. Also, if there is a capital gain from the disposal of the assets it will also be taxed at 15% if held for less than one year and 1/3rd discount applicable of held for more than a year.

Deductions in SMSF

Expenses paid for the management of the fund, to generate income in the fund are allowable deductions and can be claimed in the tax return. Some expenses are not deductible being SMSF set up costs, fines paid to Ato or ASIC others…

Also, some expenses like borrowing costs under LRBA are deductible over five years and not immediately like loan establishment costs under LRBA. Some expenses form part of the cost base of assets like bare trust set up cost which are capital in nature.

Read more on:https://smsftaxreturn.com.au/smsf-taxation-and-which-funds-needs-to-lodge-tax-return/

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Benefits of SMSF Outsourcing Services- Melbourne Australia

Self Managed Super Funds (SMSFs) are the popular way for Australians to save for the retirement. During working life members save for their retirement in the form of self managed super fund also known as SMSF or DIY super. Managing superannuation and keeping up to date with thesuperannuation rules and regulations can be overwhelming task and professional help needs to be considered. Self managed super fund is a complex area where expert knowledge is required. As mostaccounting firms and financial planners are busy with their other tasks and that is where our expert SMSF outsourcing services comes into play. We are providing SMSF outsourcing services for more than half a decade to Accountants, Financial planners, SMSF administration and tax agents.

Let’s explore the numerous benefits of SMSF outsourcing services:

Expert and professional support:

Outsourcing your SMSF accounting to us gives you the confidence that your clients work is done by experts and professionals with more than half a decade of experience who solely focus on self managed super fund services making them expert in this field. All the accounting work will be done by our experienced and university qualified professionals.

Saving of time and resources for other tasks:

By outsourcing your SMSF work to our professionals you will save time and employee resources for other important tasks. It also saves your time and money on training of staff for SMSF tools as this can be handled by our trained and expert team members.

Accuracy of the SMSF work:

SMSF is a specialist area and most accountants do not have the SMSF software’s processing knowledge and training. Processing SMSF accounts on other non SMSF software’s increases the changes of error and does not produce the quality of reports for SMSF. As we use SMSF specialist software like BGL simple fund for accounts and tax return preparation the quality of the work and reports will be of high quality.

Cost effective:

Handling SMSF accounting work inhouse requires resources like staff, training, software’s which can be expensive than outsourcing this work to outsourcing experts. With our outsourcing services solution you will be charged on job-to-job basis without the overhead cost of hiring a full-time employee. Our SMSF services are cost effective when compared to other service providers.

Growth potential:

As your SMSF client base grows you may find it hard to handle SMSF accounting tasks complete efficiently and inhouse. This is where our help will make sure work is done efficiently and timely manner so that you can focuses on the growth of your SMSF client base.

Accessibility to specialist SMSF software’s:

With the help of our outsourcing services, you will have access to advanced and cloud based SMSF software which we use for SMSF processing. With the help of these software generating TBARs (transfer balance account reporting) and making informed and timely decisions for SMSF make easy.

In conclusion SMSF outsourcing services offers plenty of benefits to professionals whether it be Accountants, SMSF administrator, financial planner, or tax agent. Not only it helps in expert and professional SMSF services it also free up resources for other important tasks while saving on money and getting the job done cost effectively.

For more info,visit:https://www.smsfoutsourcingservices.com.au/benefits-of-smsf-outsourcing-services/

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Benefits of SMSF Outsourcing Services | SMSF Outsourcing Services

We are providing SMSF outsourcing services for morethan half a decade to Accountants, Financial planners, SMSF administration and tax agents.

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Self Managed Super Fund | SMSF Accounting Services

How does an SMSF work?

SMSF (self managed super fund) is for retirement. It is a type of super account managed and controlled by trustees mostly members of the fund for their retirement savings. Fund needs to be compliant all time to received concessional tax treatment as this incentive is given to save for the retirement. There are strict rules and regulations that needs to be followed in the running of the fund and breach of any rules could have huge impact of the savings. Make sure if you have an SMSF account or planning to have one you are aware of these rules and prepared to follow these.

Which SMSFs need to prepare accounts and what is the process?

All SMSFs in Australia needs to prepare accounts and tax return every year since inception except first year of a fund if they have no transaction or activity, they can request Ato for return not necessary. Proof of the first transaction needs to be provided to the tax office for return not necessary approval which could be bank statement of the fund showing first deposit like rollover. If ok Ato will mark tax return as return not necessary of the first year.

How much does it cost to run an SMSF?

Cost of annual compliance vary and depends on the services of the professionals you use. It also depends on the fund assets and how much work required for annual financial statement and tax return preparation. Nowadays with the advancement of technology SMSF accounting, tax return and audit services can be done online where companies offer very competitive pricing options. We at SMSF accounting services provides annual accounts preparation, tax return preparation and independent audit services for $890 incl. GST

Who can be trustee of an SMSF?

All members of the self managed super fund must be individual trustee or director of the company that acts as trustee of the fund except single member fund where other rules apply. Person who is eighteen year or over can be trustee of the fund if they are not disqualified person or not under legal disability. New fund trustees are generally appointed under funds trust deed.

Can you have a single member SMSF?

Yes, you can have a single member SMSF and trustee options will be individual trustee where two trustee needs to be appointed. One trustee will be the member of the fund and another non member trustee who is related to the fund member or anyone who is not an employer of the single member. Second option is for a company to act as trustee of the fund.

What is the accounting process if fund needs to be wind up?

In the final year if the fund needs to be wind up final accounts and tax return needs to be prepared and audited and tax return of the final year needs to be lodged with wind up details. According to the condition funds might need to be rolled out to industry or other funds or the member might have satisfied the condition of release such as attaining age 65 or reaching preservation age and retired to withdraw the funds. All superannuation industry rules need to be followed and make sure fund is wind up correctly.

For more info, visit:https://www.smsfaccountingservices.com.au/self-managed-super-fund/

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Steps to consider for the lodgement of the SMSF Tax Return

To enjoy the tax concession benefits of the self managed super fund trustees, need to make sure fund in compliant all time and up to date with its SMSF tax return lodgements and compliance obligations. Self managed super fund as know as SMSF or DIY super fund is a powerful retirement vehicle where control and flexibility given to trustees to save for the fund members retirement. As it offers control at the same time, it gives responsibility to trustees to comply with superannuation and tax laws.

Steps to consider for the lodgement of the SMSF tax return are as below:

1. Due date for the lodgement Decide if the tax return will be lodged by trustees or help of an SMSF professional will be considered. Due date of the tax return will be accordingly as tax agents get concessional date for the lodgement

2. Get documents and notices ready Get your documents ready to be provided to the SMSF accountant for the funds yearly work and if you are planning to claim deduction for personal super contributions make sure these are filled and signed on time and ready to be provided to the accountant and auditor

3. Value your funds’ assets Trustee are required to value the superfund assets at the yearend for the fund’s financial statements and tax return preparation. This value of fund assets will be reflected in the funds annual accounts and details provided to the tax office on the SMSF tax return

4. Arrange funds accounts and tax return preparation Prepare the funds accounts and tax return either by yourself or with the help of an SMSF accountant. Preparation of accounts includes financial statements, member statements, investment reports

5. Arrange funds audit Once the funds accounts and tax return are ready trustees need to arrange audit with an ASIC approved SMSF auditor which will check funds compliance with the superannuation industry rules and regulations. Audit must be arranged at least 45 days before the funds lodgement due date to give enough time to the auditor to compete the job

6. Lodge tax return Once the funds audit is finalised and audit report provided by the SMSF auditor its time to lodge the superannuation tax return with the tax office. Tax return can be lodged through paper form or electronically with the help of a tax agent. Tax office release new version the SMSF tax return each year. Trustees need to make sure if they lodging through paper form correct tax form is used and submitted for the relevant year If you need help with the tax return preparation and lodgement of your self managed super fund please contact our SMSF professionals for smooth and efficient process.

For more info, visit:https://smsftaxreturn.com.au/steps-for-smsf-tax-return/